Value Added Tax
Value Added Tax (VAT)
Value Added Tax (VAT) is perhaps one of the most complicated and obscure tax facing businesses in the UK.
All businesses need to register for VAT if trading with the turnover exceeding the relevant threshold. However VAT registration might also be voluntary, even if the turnover is below the relevant level. There are also some benefits in registering voluntarily.
If your business is VAT registered you will need to complete a return each quarter or every month, and pay the correct amount of VAT accordingly. With the completion of the VAT return you are basically telling HMRC how much VAT has been charged on sales and how much VAT paid in expenses has been recovered. HMRC expect you to pay the VAT you collect on your invoices and turnover.
Although this might sound straightforward enough; the ever changing VAT regulations, the continuously widening scope of VAT, as well as additional checks placed by HMRC to ensure that businesses are correctly paying any VAT due mandate the need for a professional to ensure that VAT compliances are met.
We can help to provide you with an efficient and cost effective VAT service including;
Guidance on VAT treatment of specific transaction
If you are thinking to appoint an accountant to handle your VAT affairs, or noticing that your current accountant is not offering the value for money advise then do get in touch with us to try-out our services.
Accountancy Managers Ltd: Accountants and VAT experts in New Cavendish Street, London, W1W 6YT.
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